Oil and Gas Round-Up: 23 May
23 May 2008
Empyrean (EME) has reported that the fracture stimulation of a 600ft long zone on its Kennedy #1 well at the Sugarloaf prospect in Texas, went according to plan and completion operations are taking place.
Gulfsands Petroleum (GPX) has commenced the drilling of the second horizontal development well within the Khurbet East Field.
Pantheon Resources' (PANR) Jumonville #1 well in Louisiana is to be sidetracked after getting pipe stuck.
EnCore Oil's (EO.) Cobra well did not flow commercial rates of gas on test. The well is being suspended while evaluation of the most effective well stimulation technique is considered.
CDS Oil & Gas Group (CDS) has received positive results from an aeromagnetic and aerogravity survey programme in Paraguay.
Serica Energy's (SQZ) Kambuna-3 production well tested gas at a maximum stabilised rate of 40 million standard cubic feet per day (mmscfd) together with approximately 2,840 barrels per day of condensate.
Matra Petroleum (MTA) has spudded the Pamuk-1 well located on the Inke Concession in Southwest Hungary.
Mediterranean Oil & Gas (MOG) is to conduct a production test at its Ombrina Mare 2 horizontal well.
Leed Petroleum (LDP) has encountered 34 feet of pay while drilling the Eugene Island A-7 well. Drilling is continuing to the primary objectives.
Rift Oil (RIFT) has reached an out of court settlement with its partner, Austral Pacific Energy Limited. This results in Rift assuming 100% ownership of Licences PPL 261 and PPL 235 as well as the Coral Sea Drilling Rig for a total payment of US$5m.
Rockhopper Exploration (RKH) has raised £3.8 million in a placing of new shares at 101 pence per share. The funds raised will be utilised in preparation for drilling and for working capital.
Caza Oil and Gas (CAZA) has raised £11.5 million in a placing of new shares at 23 pence per share, subject to shareholder approval. The proceeds will be used to fund Caza's exploration and drilling programmes in South Texas, West Texas and the Gulf Coast of the United States of America and to acquire additional exploration acreage.
PetroLatina (PELE) has finalised its deal with Tribeca Capital Partners whereby Tribeca will invest up to US$25 million in the Company.
White Nile (WNL) is to acquire PA Energy Africa Limited for US$1.839 million in cash and 3,132,688 new ordinary shares. PAEA holds service contracts for the development of two Nigerian marginal fields.
And finally, Chariot Oil & Gas Limited, (CHAR) an independent oil and gas exploration group, with ten blocks in Namibia joined AIM this week.
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